UPDATED 15:56 EDT / APRIL 12 2019

SECURITY

With 10M+ users, password management startup Dashlane raises $30M round

Dashlane Inc., the maker of the hugely popular password manager of the same name, has secured $30 million in fresh capital.

The round was led by publicly traded investment firm Hercules Capital Inc., TechCrunch reported today. The financing takes Dashlane’s total capital raised over the $100 million mark. Its other backers include big names such as Bessemer Venture Partners, Silicon Valley Bank and early Pinterest Inc. investor FirstMark Capital.

Dashlane’s password manager counts more than 10 million users in 180 countries. It comes in a freemium consumer version and a business edition used by more than 10,000 organizations worldwide.

Both flavors of the platform center on the same core set of login management features. Dashlane can generate a unique password for each of a user’s online accounts, store the credentials in an encrypted format and populate the appropriate details into sign-in forms. The software also lends itself to safeguarding other types of information such as credit card details.

The business version of Dashlane adds several more features, most notably centralized management. It gives security teams access to a dashboard through which they can regulate employee access to company applications, as well as set security rules. An administrator could, for instance, require that workers use a physical two-factor authentication device when accessing sensitive systems.

Dashlane for Business also offers centralized monitoring capabilities. Security teams can keep a lookout for behavior that violates internal policies, such as workers reusing passwords across applications, and take action to remediate issues directly through the management dashboard.

Dashlane claims to be growing revenues at a rate of 90 percent year-over-year. That’s despite the fierce competition it faces from players such as publicly traded LogMeIn Inc., whose rival LastPass password management service boasts more than 16 million users.

To set itself apart, Dashlane has been building features to help users improve their online security. One of the most recent additions is a tool called Inbox Security Scan, which lets consumers keep track of the services they’ve linked to their email accounts and identify potential risks. Dashlane also alerts users if one of the passwords they store in its platform shows up on the dark web, the shady part of the internet accessible through special software.

Photo: Dashlane

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